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DAILY NEWS ANALYSIS

  • 06 March, 2023

  • 5 Min Read

Coin Vending Machine

Coin Vending Machine

  • The Reserve Bank of India (RBI) is preparing to begin a pilot study to evaluate how a coin-dispensing machine that uses QR codes works (QCVM).
  • The experiment is initially expected to be implemented at 19 venues across 12 cities across the nation. The machines are designed to be deployed in public locations like train stations, malls, and markets with a focus on convenience and accessibility.

QCVM: What is it?

  • A cashless coin dispenser called a QCVM would deliver coins in exchange for a UPI debit to the customer's bank account (Unified Payment Interface).
  • Consumers would have the choice to withdraw coins in the necessary numbers and denominations.
  • That will make coins more easily accessible.
  • The QCVM would do away with the necessity for physical tendering of banknotes and their authentication, in contrast to a cash-based standard Coin Vending Machine.

What is the QCVM Need?

  • The older machines had issues since some false money were fed into them to obtain coins.
  • Although there is a large quantity of coins, they are not being dispersed evenly and there is a demand for them in pockets.
  • According to the most recent RBI bulletin, as of December 30, 2022, there were 28,857 crore rupee coins in circulation, up 7.2% from the prior 12-month period.
  • For comparison, coins in India are available in the following denominations: 50 paise, 1 rupee, 2 rupees, 5 rupees, 10 rupees, and 20 rupees. Little coins are those that are up to 50 paise, whereas rupee coins are those that are one rupee and above.
  • Hence, supply can be absorbed by making coins available where there is a need.
  • At the moment, getting coins requires going to a bank branch and exchanging currency notes for coins.
  • Nevertheless, using QCVM, coins can be withdrawn via a UPI QR code, and the sum will be deducted from the user's bank account.

Source: The Hindu


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